The Quick Read: A Georgia retiree can qualify by showing that assets, not employment income, will repay the loan. Either eligible assets cover the whole loan, or they are divided over 60 months into qualifying income. Both paths are documented with account statements instead of traditional personal-income documentation, pay stubs or employment verification. Every file is still fully underwritten, and the program figures below are the same in every state Lendmire serves on this program, Georgia included.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no income is documented.
- Asset depletion path: usable assets divided by 60 months become monthly income that must carry the housing payment and other debts.
- One path at a time: a borrower is qualified on one path, never a blend of the two.
- Occupancy decides the lane: a home you live in or a second home can use either path, and investment property is available only on the depletion path.
- Retirement accounts are counted differently on each path: 90% under age 59½ and 100% after on the qualifier path, and 70% at any age on the depletion path.
Which Path Fits a Retiree With Big Balances and Small Income?
Pick the qualifier path when your liquid and retirement balances are at least as large as the loan you want. Pick the depletion path when your assets are large but smaller than the loan, because it turns them into income.
A typical Georgia retiree has a brokerage account, an IRA, some savings and perhaps a pension. A retiree who is drawing down accounts often shows low taxable income, which makes a weak file under a standard income-based review even when the portfolio is large. These programs exist for that mismatch.
The asset-based mortgage programs Lendmire places files with are consumer loans on a principal residence or second home. On the depletion path only, investment property is also available as a business-purpose loan. They are arranged through select lenders in Lendmire’s wholesale network, and Lendmire is the broker, not the lender. You can read the details of the asset-based mortgage program on its own page.
Two situations flip the advice. If you have steady, documented Social Security, pension or required-distribution income that covers the payment, an income-documented loan may be the simpler fit. And if you want a rental rather than a home to live in, the property’s rent often becomes the main test, which is covered below.
The Two Paths Side by Side
The paths differ in leverage, in how each account type is counted and in how old statements must be. Mixing the two paths is a common mistake, so the table keeps them apart. All figures are subject to underwriting and the lender’s own calculation.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| What it tests | Assets cover the whole loan | Assets become monthly income |
| Purchase leverage | Up to 80% (primary or second home) | Up to 80% (primary or second home) |
| Refinance leverage | Up to 75% (primary or second home) | 80% rate-and-term, 60% cash-out |
| Investment property | Not available | 65% purchase or rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
Cash-out proceeds never count as qualifying assets on the depletion path. Whether cash-out is allowed on the qualifier path is set by the lender, so no figure is published for it.
How Each Account Type Is Counted
Lenders do not take every balance at face value. Some accounts count in full, and some are discounted.
On the asset qualifier path, the share of each balance that counts looks like this:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- A 401(k) or IRA counts at 90% under age 59½ and at 100% at 59½ or older.
- Accounts combine, so a joint or spousal balance can be added together when it is documented.
On the asset depletion path, the discounts are steeper:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Several things do not count on the depletion path: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, privately held stock, stock options, non-vested restricted stock units and funds from non-regulated financial companies. Privately held stock is also off the table on the qualifier path. A founder’s route is a sale or buyout converted to a seasoned cash balance.
Cryptocurrency, precious metals, collectibles, borrowed or pledged funds and business accounts beyond your ownership share are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account. The lender then reviews where that money came from.
What the Math Looks Like
These examples are illustrative, and the lender’s own calculation governs.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, which count at 100%, or $330,000. You hold $300,000 in a 401(k) and are under 59½, which counts at 90%, or $270,000. You hold $200,000 in savings, which counts at 100%, or $200,000. That is $800,000 of usable assets against an $800,000 loan, so the file clears the asset test and is reviewed on assets alone.
Depletion path. Say you hold $1,500,000 in securities, which count at 80%, or $1,200,000. You also hold $300,000 in cash at 100%, or $300,000. That is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income must then carry the housing payment and your other debts through the debt-to-income test.
Notice what changes if the same portfolio were retirement money instead. Retirement accounts count at only 70% on this path, so the same balances produce less income than cash or securities would. The mix of accounts matters as much as the total.
Seasoning, Credit and Minimums
On the qualifier path, funds need 60 days of seasoning, with two months of statements for each qualifying account. No reserves are required at or below 75% loan-to-value, and above that the lender sets them. The published credit floor is a 600 score.
On the depletion path, the oldest statement you submit must be at least 120 days old at application, and a separate, most recent statement must be dated within 45 days. Together they show the funds have been in place for a sustained period and are still there. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
Depletion also has asset minimums. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. You also need at least $250,000 liquid when asset depletion is your only income source. Asset income can instead supplement documented income, such as Social Security or a pension, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Credit follows the lender’s matrix on this path. A first-time investor on the depletion path needs a 700 score. Housing history is 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning.
Why the Rules Allow This
The federal ability-to-repay rule asks a lender to consider your current or reasonably expected income or assets, other than the value of the home securing the loan. Employment status matters only when the lender relies on employment income. The CFPB’s compliance guide lays out the eight factors a lender weighs. Assets are a permitted basis, so a retiree with no paycheck is not shut out.
Retirement alone is not a disqualifier. The test is whether the loan can be repaid, and a documented portfolio can show that.
Where the General Rule Breaks
Occupancy changes the lane. Investment property is available only on the depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. It is not available on the qualifier path. For a rental you plan to hold, many retirees use a business-purpose investor loan instead. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage, and the Federal Register notice for the ability-to-repay rule treats investment-purpose loans as business purpose. In that lane your portfolio supports reserves and source of funds, and the rent against the payment is the test.
Business purpose is a fact test, not a label. One law-firm analysis notes that the owner-occupancy threshold is whether the owner plans to occupy the property more than 14 days in the coming year. Calling a loan business-purpose does not make it so. A cash-out on a rental that you use for personal expenses can turn the loan back into consumer credit.
Recently moved money draws questions. A large deposit needs a paper trail. Funds that arrived recently, or that were shuffled between accounts, may fail seasoning or need a source explanation. Moving everything into one account just before applying often creates the problem it was meant to solve.
Spending down hurts the file. The down payment and closing costs come out of the same accounts the lender is counting. Spending them lowers your usable assets, which matters most on the qualifier path. There the assets must equal the whole loan. Plan the order of funds before you choose a price.
Account structure matters. Joint accounts are counted when they are documented. Trust-held and business-owned accounts need extra review, and a business account counts only to your ownership share.
Pure fixed-income retirees. Social Security and pension income are legitimate documented income. If they carry the payment on their own, you may not need an asset-based path at all. If they fall short, the depletion path can supplement them.
Step by Step: From Statements to Application
1. Choose the lane. Decide whether the property is a home you will live in, a second home or an investment.
2. Total your eligible assets. Apply the percentages for the path you are considering, and leave out anything that is not eligible.
3. Test both paths. If the qualifier-path total covers the loan, that path is cleaner. If not, run the depletion math and check the minimum-assets rule.
4. Gather statements. Two months per account for the qualifier path, or the 120-day and 45-day statement set for depletion.
5. Set aside cash to close. Subtract it from your usable assets before you commit to a loan size.
6. Review credit and housing history against the figures above.
7. Submit for review. The lender underwrites the file, and as a consumer mortgage it carries the standard consumer disclosures.
Tax treatment varies; consult a qualified professional.
Key Terms Defined
Asset qualifier: a path where eligible assets, after the credit percentages, must equal or exceed the entire loan.
Asset depletion: a path that divides usable assets by 60 months to create monthly qualifying income.
Haircut: the portion of an account’s balance a lender does not count, so an account counted at 70% carries a 30% haircut.
Seasoning: how long funds have sat in your account, shown by statements.
Debt-to-income: monthly debts, including the new housing payment, compared with monthly income.
Reserves: liquid funds left after closing.
Frequently Asked Questions
Do I have to sell investments or start withdrawals to use these programs?
No. Asset depletion is a calculation, and your accounts are not drained. The funds must stay documented and available through the process. Spending the money on the down payment or closing costs does reduce your usable assets.
Can I combine asset income with Social Security or a pension?
Yes, on the depletion path. Asset-derived income may supplement documented income up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
Are retirement accounts counted in full?
It depends on the path. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age.
Can I use this for a rental property?
Only on the depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out, subject to underwriting. Many retirees buying a pure rental use a business-purpose investor loan instead, where the rent against the payment is the main test.
Does Georgia change any of the program figures?
No. Georgia is one of the 16 states where Lendmire arranges consumer mortgages, and the figures do not change by state, as Lendmire’s piece on how Texas retirees qualify for a mortgage without a paycheck shows with the same numbers. Georgia property taxes, insurance and local prices affect your budget, not the program rules.
Next Step
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals. Programs are placed through select lenders, every file is underwritten individually, and none of this is a commitment to lend.
For most Georgia retirees, the useful question is not whether a paycheck is missing but which of their accounts the lender will count.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB ATR/QM Small Entity Compliance Guide
2. Federal Register, Ability-to-Repay and Qualified Mortgage Standards Final Rule
3. Hunton, Beware of Business Purpose
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Qualify for a Florida Mortgage on an Inheritance Without a Job · How to Document a Georgia Asset Qualifier Mortgage Without an Employer · How Much Does a Professional Athlete Need in Assets to Qualify for a Mortgage?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.